With rapid digitalisation, we are also witnessing a shift in the lending sector as the number of secured and unsecured loans continues to move in an upward trajectory year-on-year. As per recent estimates: Unsecured personal loans have increased by almost 4x in the period between FY 17 and FY 23, from 4.26 lakh crore in […]
Competitive Edge: Exploring the Advantages of Implementing Loan Recovery Software
The lending business has become much more competitive over the last few years, with banks, Non-Banking Financial Companies (NBFCs), neo-banks, and even newer players, such as payment apps, vying to expand their customer base. In this landscape, lenders invest a significant amount of time in building robust revenue-optimising strategies. Typically, they tend to focus their […]
Can Modern Features of Commercial Loan Management Software Transform Your Lending Operations?
The traditional process for disbursing commercial loans relies heavily on manual workflow, making it time-consuming and prone to errors. As the demand for credit by businesses and MSMEs increases rapidly, lenders seek contemporary solutions such as commercial loan management software that help them improve their efficiency and meet customer expectations. As per Statista, the value […]
Is a Line of Credit a Good Addition to Your Lending Products?
Credit plays an integral part in the economic progress of a country and an individual; credit helps fulfil goals and aspirations and aids in development. Individuals and businesses require different categories of credit facilities depending on the requirements, and lenders offer diverse credit products to meet the needs of their customers. Three primary types of […]
Say Goodbye to Spreadsheets: Learn Why You Need Loan Management Software
When spreadsheets were first launched in 2006, this brand-new innovation revolutionised the way businesses processed and stored financial data. In particular, financial institutions benefit because spreadsheets automate several tasks With the acceleration of digital transformation over the last three years, the amount of data being generated has increased exponentially. For instance, the number of digital […]
How to Reduce Friction in the Loan Origination System with Automation?
Customer experience is one of the major talking points for customers dealing with businesses operating in the retail and hospitality sectors. However, that was hardly the case in the finance industry, especially in lending. However, the times they are a-changing. Modern customers are ready to ditch the traditional, inconvenient, and time-consuming process in favour of […]